Home |Student Loan | Do I qualify for the SAVE plan if I earn over 60k a year, and there's only information available for incomes up to 60k on the FAQs section of the SAVE plan website? Also, I have 23k left on loans.

Do I qualify for the SAVE plan if I earn over 60k a year, and there's only information available for incomes up to 60k on the FAQs section of the SAVE plan website? Also, I have 23k left on loans.

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Abbey Johnson, Helping with Student Loan Documentation
Answered on September 28,2023

SAVE is best for people with a couple of kids and a modest family AGI. With 2 kids and a 70k AGI your payment would be under $100. For every $10k in AGI over $70k the payment increases by about $90 per month.

But next year if SAVE drops to 5% of discretionary income all SAVE payments will be cut in half.

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Ultimate Guide on SAVE Plan - Payment Calculation, Interest, Forgiveness

Under the Saving on a Valuable Education (SAVE) plan, a single borrower who makes less than $15 an hour will not have to make any payments. Borrowers earning above that amount would save mor..
  Click here to get a detailed guide

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